This paper argues that in the aftermath of the global economic crisis, the relatively centralised international monetary architecture set up at the Bretton Woods conference is evolving towards a more decentralised multi-layered global financial safety net (GFSN) comprising (i) the G20 at the apex as an overarching instituiton (ii) multilateral financial safety nets (MFSNs) established under the auspices of the IMF (iii) bilateral financial safety nets (BFSNs) among central banks, (iv) regional fianancial safety nets (RFSNs) established in various regions of the world, and (v) national financial safety nets (NFSNs) or reserve accumulation by individual countries. The most significant factor explaining this evolution is the increased incidence of capital account crisis subsequent to the deepening of financial globalisation. The paper argues that the evolving GFSN has increased the flexibility of the international monetary architecture and enhanced the voice (weight and influence) of emerging markets on global economic governance to some extent. However, more needs to be done. Also there is the need for institutional and other reforms to prevent and manage a systemic crisis in the future to protect innocent bystanders. What is the role of Asia and what can Asia do?